Core Viewpoint - The petrochemical industry is shifting its focus from energy consumption control to carbon emission control during the "14th Five-Year Plan" period, emphasizing the importance of carbon reduction strategies in ecological civilization construction [1][2]. Group 1: Transition to Carbon Emission Control - The transition to carbon emission control is a significant step in China's ecological strategy, with experts suggesting that the industry should focus on areas such as electrification and raw material substitution to meet upcoming carbon emission targets [1][2]. - The petrochemical sector accounts for approximately 20% of total energy consumption in society, highlighting the critical role of energy efficiency in reducing carbon emissions [1]. Group 2: Technological and Market Innovations - The use of digital twin technology and artificial intelligence is recommended to optimize equipment updates, ensuring reliability and cost-effectiveness in the transition to electrification [2]. - The carbon market, including the voluntary carbon emission reduction (CCER) market, is seen as a vital mechanism for promoting carbon reduction, with opportunities for the petrochemical industry to engage in carbon trading and develop negative carbon technologies [2]. Group 3: Standardization Efforts - The development of national and industry standards related to energy saving, water conservation, and carbon emissions is accelerating, with calls for industry participation in standard formulation to facilitate the green and low-carbon transformation of the sector [3].

Investment Rating - The report maintains a "Positive" investment rating for the waste incineration industry [9]. Core Insights - Recent attention has been drawn to waste incineration projects supplying power to IDC (Internet Data Centers), highlighting the potential for these projects to effectively reduce energy consumption and improve cash flow for B-end enterprises [3][16]. - The transition from energy consumption dual control to carbon emission dual control is expected to enhance the demand for renewable energy, particularly from industrial enterprises, benefiting the waste incineration sector [7][36]. - The report emphasizes the feasibility of direct power supply from waste incineration projects to B-end enterprises, which could lead to valuation recovery for the industry [3][8]. Summary by Sections Energy Consumption Control and Approval Process - The tightening of energy consumption policies necessitates energy efficiency assessments for fixed asset investment projects, with significant variations in approval timelines across different regions [5][22]. - IDC projects are specifically required to undergo energy efficiency assessments due to their high energy consumption levels, which often exceed 10,000 tons of standard coal annually [6][25]. Expansion of Green Energy Applications - The application of green energy from waste incineration is anticipated to expand beyond IDC to B-end enterprises, driven by increasing renewable energy demands and regulatory shifts towards mandatory green electricity consumption [7][38]. - The report notes that the carbon market's expansion, now covering over 60% of national CO2 emissions, will further enhance the demand for green certificates from waste incineration companies [7][8]. Challenges and Opportunities in Direct Power Supply - The current limitations on direct power supply to B-end enterprises stem from unresolved pricing mechanisms, but pilot projects in certain regions are beginning to explore direct green electricity supply [8][36]. - The report suggests that overcoming these challenges could lead to a new trend in direct green electricity supply for industrial enterprises, benefiting all stakeholders involved [8][36]. Investment Recommendations - The report recommends focusing on leading companies in the waste incineration sector, including Hanlan Environment, Weiming Environmental, and others, as they are well-positioned to benefit from the anticipated cash flow improvements and valuation recovery [8].

Group 1: Steel Production Reduction News and Market Performance - On February 26, rumors emerged about a plan to reduce crude steel production by 50 million tons by 2025, leading to a surge in steel stocks and a significant increase in black commodity futures and spot prices [3] - By March 3, the Tangshan Environmental Protection Bureau announced stricter control measures for steel production during the two sessions, with an initial reduction of 30% in production planned [3][4] - On March 24, several steel companies in Xinjiang announced a 10% daily reduction in crude steel production in response to national directives, resulting in a significant rebound in black commodity futures [5] Group 2: Industry Insights and Analysis - The current market is experiencing mixed signals regarding supply-side policies, with the potential for significant production cuts being debated, but the actual impact from Xinjiang's reduction is limited due to its small share of national production [6][7] - If Jiangsu and Shandong provinces implement their proposed reductions of 14 million tons and 4 million tons respectively, the total reduction could exceed 3.93 million tons, marking the largest annual decline since 1982 [7][10] - The steel industry is facing challenges in achieving large-scale production cuts due to stable profit margins and improving demand conditions, despite ongoing discussions about production reductions [12][13][14] Group 3: Demand and Profitability Factors - The steel demand structure is undergoing transformation, with the real estate sector showing signs of recovery, which may mitigate the need for drastic production cuts [13][14] - Steel companies are currently maintaining stable profit margins, with profitability rates around 48%-54%, indicating a lack of immediate pressure to reduce production significantly [13][14] - Inventory levels are a critical indicator of market dynamics, with current inventory reductions showing significant year-on-year declines, although the rate of inventory depletion is weaker than expected [15]

浙江万丰化工股份有限公司 Zhejiang Wanfeng Chemical Co.,Ltd. （浙江省绍兴市柯桥区马鞍镇新二村） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （北京市西城区金融大街 5 号新盛大厦 B 座 12、15 层） 浙江万丰化工股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 4-7-1 浙江万丰化工股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 3,338 | 万股 | | | ...

浙江万丰化工股份有限公司 Zhejiang Wanfeng Chemical Co.,Ltd. （浙江省绍兴市柯桥区马鞍镇新二村） 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） （北京市西城区金融大街 5 号新盛大厦 B 座 12、15 层） 浙江万丰化工股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 浙江万丰化工股份有限公司 招股意向书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | --- | | 发行股数 | 不超过 3,338 进行原股东公开发售股份 | ...

浙江万丰化工股份有限公司 Zhejiang Wanfeng Chemical Co.,Ltd. （浙江省绍兴市柯桥区马鞍镇新二村） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （北京市西城区金融大街 5 号新盛大厦 B 座 12、15 层） 浙江万丰化工股份有限公司 招股说明书（注册稿） 重要提示 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 浙江万丰化工股份有限公司 招股说明书（注册 ...

浙江彩蝶实业股份有限公司 （注册地址：浙江省湖州市南浔区练市镇工业园区） 首次公开发行股票 招股说明书摘要 保荐人（主承销商） （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） 浙江彩蝶实业股份有限公司 首次公开发行股票招股说明书摘要 声明及承诺 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于上海证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股说明书全文，并以其作为投资 决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股说明书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，其将先行赔偿投资者损失。 中国证监会、其 ...

浙江彩蝶实业股份有限公司 （注册地址：浙江省湖州市南浔区练市镇工业园区） 首次公开发行股票 招股意向书 保荐人（主承销商） （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） 浙江彩蝶实业股份有限公司 招股意向书 发行概况 公司本次公开发行新股 2,900 万股，占发行后总股本的 25%，公司股东不 在本次发行过程中公开发售股份。 | 发行股票类型：人民币普通股 | 每股面值：1.00 元 | | --- | --- | | 发行股数： 2,900 万股 | 每股发行价格：【】元 | | 发行后总股本：不超过 万股 11,600 | 年 月 日 预计发行日期：2023 2 14 | | 拟上市证券交易所：上海证券交易所 | | 本次 发行 前股 东所 持股 公司控股股东、实际控制人、董事长施建明，实际控制人、董事、总经理施屹承 诺：（1）自公司股票上市之日起 36 个月内，不转让或者委托他人管理本人已持有的 公司股份，也不由公司回购该部分股份；（2）若公司上市后 6 个月内发生公司股票连 续 20 个交易日的收盘价均低于发行价，或者上市后 6 个月期末收盘价低于发行价的 情形，本人所持股 ...

浙江彩蝶实业股份有限公司 （注册地址：浙江省湖州市南浔区练市镇工业园区） 首次公开发行股票 招股意向书摘要 保荐人（主承销商） （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） 浙江彩蝶实业股份有限公司 首次公开发行股票招股意向书摘要 声明及承诺 本招股意向书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股意向书全文的各部分内容。招股意向书全文同时刊载于上海证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股意向书全文，并以其作为投资 决定的依据。 投资者若对本招股意向书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股意向书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股意向书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股意向书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，其将先行赔偿投资者损失。 中国证监会、其 ...